LIC Saral Pension Plan: Based on the Life Insurance coverage Company of India, this scheme is an easy and safe strategy to plan on your retirement. As a right away annuity plan, it offers a gradual earnings stream, making certain monetary independence in your golden years. With the flexibleness to start out receiving a pension from age 40, you possibly can take pleasure in a worry-free life with out ready till 60. Thus, let’s learn the way a lot you want to make investments if you’d like a Rs 64,000 annual pension.
What’s LIC Saral Pension Plan?
LIC’s Saral Pension Plan is a right away annuity plan. As quickly as you purchase the coverage, you begin receiving a pension. The most effective half is that you do not have to attend till you are 60 to get pension advantages. You can begin getting a pension from as early as 40 years outdated.
Eligibility standards
Minimal Age at Entry: 40 years (accomplished)
Most Age at Entry: 80 years (accomplished)
One-time cost, lifetime pension
This pension scheme has a novel characteristic: you solely must pay the premium as soon as while you purchase the coverage. After paying the premium, you may begin receiving a pension instantly, and the quantity you obtain within the first installment will stay the identical for all times.
Select your plan: Single Life or Joint Life
The Saral Pension Plan is available in two choices: Single Life and Joint Life.
Single Life Plan
Pension is paid to the policyholder so long as they stay.
After their demise, the invested quantity is returned to the nominee.
Joint Life Plan
- Covers each partner and policyholder.
- Pension is paid to the first policyholder throughout their lifetime.
- After their demise, the partner receives the pension profit.
- After each move away, the gathered quantity is given to the nominee.
- Pension quantity and cost choices
Underneath the Saral Pension Scheme:
- The minimal month-to-month pension is Rs 1,000.
- There isn’t a most restrict on the pension quantity.
- The pension quantity will depend on the invested quantity.
You may select from the next pension cost choices:
- Month-to-month
- Quarterly
- Half-yearly
- Yearly
Your pension will likely be paid based on the choice you select.
What needs to be your funding quantity to get Rs 64,000 annual pension?
Based on LIC’s web site, investing Rs 10 lakh at 60 years of age within the Saral Pension Plan will give an annual return of Rs 64,350. Additionally, in the event you’re 60 and your partner is 55, choosing the Joint Life Plan will present an annual return of Rs 63,650.
Funding Age: 40 to 80 years
You may make investments on this scheme anytime between 40 to 80 years of age and begin receiving pension advantages instantly. Should you spend money on the Saral Pension Scheme at 40, you’ll begin receiving pension advantages from that very age, which is able to proceed for all times.
(Disclaimer: Our calculations are projections and never funding recommendation. Do your due diligence or seek the advice of an skilled for monetary planning)
